By Anca Gagiuc, Associate Editor
Whitestone REIT has added a fourth property to its Austin portfolio. In a $37.5 million deal, the company acquired the Quinlan Crossing retail center with funds from Whitestone’s $500 million credit facility.
“What attracted us to Quinlan Crossing is its complementary mix of national and local service-based tenants, which is at the heart of our Community Centered Property business model, its highly visible prime location within the desirable and affluent Steiner Ranch community and its upside potential with a developable pad,” said Whitestone chairman & CEO James Mastandrea in a statement.
Located between Lake Austin and Lake Travis and at the entrance of Steiner Ranch master-planned community, Quinlan Crossing is anchored by a Randalls grocery store and includes Coffee Bean & Tea Leaf, Massage Envy Spa, Menchie’s Yogurt and Zacks American Bistro.
Whitestone entered the Austin market earlier this year with the purchase of Davenport Village and has since expanded its local footprint to 356,000 square feet.
“Including our three San Antonio properties, which we manage out of our newly opened Division office in Austin, we now have a total of 644,000 square feet in the two cities and are one step closer to meeting our objective of becoming a leading owner and operator in each of these markets,” Mastandrea noted.